Is it time to change the definition of black money?

Is it time to change the definition of black money?

Parliamentary Committees have a tradition of churning out damp-squib reports. Produced with considerable expense of taxpayers’ money, they seldom have any surprise or shock value. They are rarely of interest to anyone other than journalists and politicians, who use it as tools of trade to generate some short-lived heat in TV studios and Parliament. The much-awaited Black Money report tabled on Monday (June 24) was not very different.

For the poor money has no colour. The rich are colour agnostic. Although ‘Black Money’ has been a pet subject of political and economic discourse since independence or even before, it remained essentially an emotive subject for the middle (read ‘tax paying’) classes. They generally associated it with income tax, which pinched them the most. The impact of indirect taxes was less apparent

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